WSP Global Inc. (WSP-T)

All their end markets are doing well: infrastructure, transportation, property, buildings, advisory services, design. Canada makes up less than 20% of revenue, so they are international. It grows 68% organically. Buying POWER Engineers will give them the leading access to the US power market, so WSP will participate in the energy transition as utilities face more energy demand as data centres build out. Integration is going well. 

Big holding for him. He prefers the infrastructure builders to the owners. Lots of $$ being spent building infrastructure, and a bit more leverage in the earnings. Significant position in US power consulting with its latest acquisition; they'll be the largest in the US in this arena. 

Considered it for a Top Pick today. Technical setup is very good. Winning company, and the sector has a tailwind.

It has been a top pick and has had an outstanding run along with more growth, At this price level there are more enticing plays. They're holding but he would recommend SNC Lavalin for new money.

A global engineering consultant infrastructure, with 45% in the US and under 20% in Canada. They grow by aquisition while organic growth was 8% last quarter. They just bought a private US company involved its utilities. They issued equity, though. They grow its topline 10% annually over 10 years. The street likes the deal, though the price may be high. Synergies should pay off.

Doesn't buy the short-seller report. Bit expensive here around 24x for its 15% growth rate, after a very big run. Don't buy more here, but sell calls instead. Down a couple of bucks today on weak tape is not material.

One of his largest positions, well managed, avant garde. Sector's had a really nice run, perhaps taking a pause. Leaders in environmental, a sector he really likes. Huge backlog, good growth especially as a global player, good margin improvement. 

Don't get overly worried about the pullback, might be a good time to add. Hold for the long term. Short report was a lot of nonsense.

WSP and STN are the top 2 companies in Canada. Serial acquirers. Hasn't invested in this area since burned by SNC-Lavalin. He doesn't have the same conviction for disciplined acquisition prices, or the same conviction for high ROIC, as he does for other industries.

He wished he owned it. They will benefit from infrastructure projects, a neglected area. They have a nice runway ahead. WSP has taken over the acquisition crown from SNC, and lower interest rates will help.

Pure-play consulting and engineering. Low-capital business, which he likes.

Is up despite a short report recently. Disagreed with that short report, full of unwarranted claims such as a weak board. Shares are down, so it's buying opportunity.

Not that capital intensive, as it consults, not builds. Executes incredibly well, grown nicely. You want to own it here. Accounting can be confusing, but not doing anything wrong as per the short report.

We're at a point in the market where this type of thing will come out. Be careful with these types of reports. It could be that whoever wrote the report has covered his short by now.

He likes the engineering group. Give it some space, 4-5 days, to see if things firm up. Pick a stop, and then see what happens over the next few days.

Likes the environmental space so much they launched Canada's first Global Biodiversity Fund, comprised of about 40 stocks. These stocks are focused on halting and reversing nature loss and restoring ecosystems. Companies like WSP, WM, and CLH will benefit from massive tailwinds driven by conservation targets.

Likes the sector of engineering services, instead of construction. 77% of STN revenue comes from NA. She owns WSP. Nothing wrong with STN, though it's smaller. Since STN is smaller, it might be able to grow faster.

WSP revenue from NA is 50% or slightly below, so it's more global. Starting to see organic growth pick up from its bigger acquisitions in very attractive markets. Growth profile slightly better.

Both grow organically and through M&A.  Both have balance sheet support to do M&A.

Homerun. Incredibly well run. Priced for perfection, don't buy here. If stock fell, he'd certainly take a look. Great Canadian company.